GBP futures: upside seen unsustainable

Open interest in GBP futures markets from CME Group shrunk by around 3.2K contracts on Monday. In the same line, volume dropped by nearly 27K contracts, extending the choppy performance seen in past sessions.

GBP/USD stays supported around 1.3000

The positive start of the week in Cable was in tandem with declining open interest and volume, which could remove tailwinds from further gains in the short-term horizon. In addition, the pair remains well supported in the 1.3000 neighbourhood, where lies the key 200-day SMA.